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Qatar’s Qtel reports 12% decline in Q1 profit

30 Apr 2012

(MENAFN) Qatar Telecom (Qtel) stated that net profit fell 12 percent in the first quarter to USD195.29 million, compared with USD222.60 million in 2011’s same period, reported Reuters.

The company attributed the decline to losses in the foreign exchange in the firm’s Indonesian subsidiary (Indosat).

It also said that in the period, revenue rose 7.6 percent to USD2.20 billion, whereas domestic revenue went up 6.4 percent from a year earlier to USD411 million.

Moreover, the number of customers grew 11.7 percent on a consolidated basis, reaching 84.4 million at end of the quarter, whereas the number of domestic customers was unchanged from 2011, at 2.4 million.

It is worth noting that revenue of Indosat, in which Qtel owns a 65 percent stake, was flat at USD548 million.

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